- eFishery, an IoT smart feeder business, is transforming aquaculture with advanced technology and sustainability.
- The company received $92M in funding, aiming to unlock Indonesia's aquaculture potential while promoting growth and environmental responsibility.
- eFishery plans to expand to India and launch an IPO, potentially becoming a role model in the aquaculture industry.
It is a fact that aquaculture isn't like any other industry which has been revolutionized or grown, but with the recent events of eFishery, it is quite clear that there is a lot of scope for recognizing the industry sincere there is a constant effort to transform the field of fishes- aquaculture.
On the 3rd of July 2023, eFishery received funding of $92M in its latest Series D round and with overall funding of around $200M in the Series D stage. With such a humongous amount of financial incoming - it is evident that there is something powerful that the company holds.
When was eFishery found?
The 2013-founded IoT smart feeder business eFishery is revolutionizing aquaculture by enhancing fish health, feeding effectiveness, and water quality. Their technology is revolutionary considering that the industry's feed emissions account for 70% of all carbon emissions.
Their intelligent feeder mechanism gives small-scale prawn and fish farmers the knowledge and tools they need to advance their farming techniques. Beyond optimizing feeding, it provides access to regional and global fresh and feed markets for better prices, enhanced input and output visibility, and improved financing options.
What is different about it?
The strategy used by eFishery improves aquaculture productivity while also promoting sustainability and minimal environmental effect. Aquaculture and technology are being combined by eFishery to create a prosperous and environmentally sustainable fish and prawn farming industry in the future. (Source: The Fish Site)
As mentioned in the headlines of The Fish Site - “Why $1.4 billion valuation is good news for eFishery and excellent news for the sector as a whole” - the company brief and its progress report is itself more than enough to answer the Why’s and What’s!!
According to TechCrunch, the founder claimed that despite Indonesia's aquaculture already being quite extensive, it has only attained 7% to 9% of its full potential. Fragmentation is one of the difficulties it encounters. Huzaifah explains that as there are 34 provinces in Indonesia, each one requires localization due to its unique business practices.
"I had to learn the hard way that we have to respect the local players, he added, adding that this included speaking the local dialect and cultivating connections with the intermediaries. A few middlemen once poisoned our ponds, I recall. After talking with them, we concluded that they simply wanted to conduct business and that they were also businesspeople. As a result, we were able to make them into our local partners because they have the necessary connections, resources, and wisdom."
Well, it isn't the end, there is also a news about eFishery expansion as one of the headlines on 25th of July says, “Aqua-Spark-backed Indonesian tech company eFishery sets sights on expanding to India, moving further downstream, launching IPO.”
The article was published on the website of Intra Fish elaborating on the topic that eFishery looks forward to going public in 2025!
None of us know whether eFishery will ultimately be a role model industry and company in India or not but if it does I am sure the skepticality of this field will gradually be eliminated.
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Edited by Shruti Thapa